Author Topic: Credit card churning, how to continue?  (Read 18270 times)

DadJokes

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Re: Credit card churning, how to continue?
« Reply #50 on: July 23, 2019, 05:41:20 AM »
I've got a big purchase coming up (over $5,000) and I'm trying to figure out which card to use.  I already have the Capital One Venture and Chase Sapphire Preferred.  Any recommendations?

How about Chase Ink Business Preferred?

Doesn’t matter that I don’t own a business?  Yes I read the previous posts but just want to confirm.

Per those who know much more than me on Reddit, all you need is to use your SSN for the EIN and your first & last name for the business name.

I started a sole proprietorship a month ago and applied for an EIN (received instantaneously from the IRS) and was able to get the card, though it took a few weeks. And I still haven't decided if I'm going to actually operate the business.

MasterStache

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Re: Credit card churning, how to continue?
« Reply #51 on: July 23, 2019, 06:02:19 AM »
I've often thought about opening a Biz in my spouses name to gain access to a lot more CCs. I may try to open a card via the process you all discussed. I have a Biz so it's easy for me to apply.

On a different note my spouse is under 5/24 and I have been debating about weather to apply for the CSR or CSP. I've read a lot of back and forth about both cards but am still undecided. We don't travel internationally and not as often to maybe make the CSR card more valuable. We do have a trip coming up next year to visit some national parks but already have our Airbnb booked with a different card. Any thoughts, experiences to share? 

Catica

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Re: Credit card churning, how to continue?
« Reply #52 on: August 06, 2019, 03:56:53 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

flashflooder

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Re: Credit card churning, how to continue?
« Reply #53 on: August 06, 2019, 10:20:06 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

your best bet is to pull your credit report and count how many accounts were opened in the past 2 years.  They even list closed accounts, so you should get a full picture.  A few of the CC companies will only report to 1 or 2 of the agencies (vs all 3), so make sure you pull all 3 to get the full picture.

Going forward, I would recommend keeping a spreadsheet of which cards you opened with which bank, when it was opened, and when it was closed.  This allows me to see, at a glance, exactly where I stand.

Catica

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Re: Credit card churning, how to continue?
« Reply #54 on: August 07, 2019, 03:57:49 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

your best bet is to pull your credit report and count how many accounts were opened in the past 2 years.  They even list closed accounts, so you should get a full picture.  A few of the CC companies will only report to 1 or 2 of the agencies (vs all 3), so make sure you pull all 3 to get the full picture.

Going forward, I would recommend keeping a spreadsheet of which cards you opened with which bank, when it was opened, and when it was closed.  This allows me to see, at a glance, exactly where I stand.
Thanks.  I just checked kreditkarma and I only have 4 Chase accounts opened and none closed within the past 5 years and I still can't get any more Chase cards (got denied recently).  Is it safe for me to apply for Chase business card?

jtraggie99

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Re: Credit card churning, how to continue?
« Reply #55 on: August 07, 2019, 07:01:43 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

your best bet is to pull your credit report and count how many accounts were opened in the past 2 years.  They even list closed accounts, so you should get a full picture.  A few of the CC companies will only report to 1 or 2 of the agencies (vs all 3), so make sure you pull all 3 to get the full picture.

Going forward, I would recommend keeping a spreadsheet of which cards you opened with which bank, when it was opened, and when it was closed.  This allows me to see, at a glance, exactly where I stand.
Thanks.  I just checked kreditkarma and I only have 4 Chase accounts opened and none closed within the past 5 years and I still can't get any more Chase cards (got denied recently).  Is it safe for me to apply for Chase business card?

Chase's 5/24 rule applies to all credit cards, not just Chase cards.  If you have opened 5 new credit cards in the past 24 months from any bank (that's reported on your credit report - if it doesn't show up on your personal credit report, Chase will not see it - i.e. a lot of business cards), Chase will automatically deny you.  Even if you do not have a single Chase card, it does not matter.  They look at all of your accounts. 

Jouer

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Re: Credit card churning, how to continue?
« Reply #56 on: August 07, 2019, 07:54:55 AM »
Maybe you don't care, but I do care a lot about who is profiling me and for what purpose. Once you respond "YES" to the citizenship question they ask if you have a dual citizenship and if so, they want to know which other countries you are a citizen of.  Why do they need to know that???????????  And if it is so common when establishing bank accounts to be asked about citizenship, why have I never been asked this by any other bank???  I have opened many checking/savings accounts and credit cards and was never asked this question before.  So I don't think it's so common as you say.  And this is obviously fairy recent that they started asking this question because I have a checking account with B of A and was not asked this question when opening it back in 2008.  I want to know why they ask these questions and how this information is being used.  I do not want to be oblivious.

I'm not certain, but it may have to do with the "Know Your Customer" laws.  In the US I think these were passed into law in the wake of the 9/11 attacks.  https://en.wikipedia.org/wiki/Know_your_customer

I understand the general profiling concern.  But I'm curious, what does it matter if someone knows your citizenship or dual citizenship?

Yep, it's about know your customer. It's an anti-money laundering thing. Certain countries have been flagged as at-risk for money laundering. They are just doing their due diligence, which is their right as a private company.

Catica

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Re: Credit card churning, how to continue?
« Reply #57 on: August 08, 2019, 03:39:27 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

your best bet is to pull your credit report and count how many accounts were opened in the past 2 years.  They even list closed accounts, so you should get a full picture.  A few of the CC companies will only report to 1 or 2 of the agencies (vs all 3), so make sure you pull all 3 to get the full picture.

Going forward, I would recommend keeping a spreadsheet of which cards you opened with which bank, when it was opened, and when it was closed.  This allows me to see, at a glance, exactly where I stand.
Thanks.  I just checked kreditkarma and I only have 4 Chase accounts opened and none closed within the past 5 years and I still can't get any more Chase cards (got denied recently).  Is it safe for me to apply for Chase business card?

Chase's 5/24 rule applies to all credit cards, not just Chase cards.  If you have opened 5 new credit cards in the past 24 months from any bank (that's reported on your credit report - if it doesn't show up on your personal credit report, Chase will not see it - i.e. a lot of business cards), Chase will automatically deny you.  Even if you do not have a single Chase card, it does not matter.  They look at all of your accounts.
I see.  But if I apply for Chase business card my personal accounts don't matter, right?

jtraggie99

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Re: Credit card churning, how to continue?
« Reply #58 on: August 08, 2019, 04:47:18 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

your best bet is to pull your credit report and count how many accounts were opened in the past 2 years.  They even list closed accounts, so you should get a full picture.  A few of the CC companies will only report to 1 or 2 of the agencies (vs all 3), so make sure you pull all 3 to get the full picture.

Going forward, I would recommend keeping a spreadsheet of which cards you opened with which bank, when it was opened, and when it was closed.  This allows me to see, at a glance, exactly where I stand.
Thanks.  I just checked kreditkarma and I only have 4 Chase accounts opened and none closed within the past 5 years and I still can't get any more Chase cards (got denied recently).  Is it safe for me to apply for Chase business card?

Chase's 5/24 rule applies to all credit cards, not just Chase cards.  If you have opened 5 new credit cards in the past 24 months from any bank (that's reported on your credit report - if it doesn't show up on your personal credit report, Chase will not see it - i.e. a lot of business cards), Chase will automatically deny you.  Even if you do not have a single Chase card, it does not matter.  They look at all of your accounts.
I see.  But if I apply for Chase business card my personal accounts don't matter, right?

Most business cards do not report to your personal credit report, so they do not impact 5/24.  I don't think Chase's do either (but don't hold me to that).  I do believe Chase will still deny you for a business card if you are over 5/24 on your personal credit report, but I could be wrong as well.  I think what he was trying to say is once you are under 5/24, open Chase business accounts first (as they won't count towards their 5/24 count).  Then open Chase personal cards.

Catica

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Re: Credit card churning, how to continue?
« Reply #59 on: August 08, 2019, 05:48:53 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

your best bet is to pull your credit report and count how many accounts were opened in the past 2 years.  They even list closed accounts, so you should get a full picture.  A few of the CC companies will only report to 1 or 2 of the agencies (vs all 3), so make sure you pull all 3 to get the full picture.

Going forward, I would recommend keeping a spreadsheet of which cards you opened with which bank, when it was opened, and when it was closed.  This allows me to see, at a glance, exactly where I stand.
Thanks.  I just checked kreditkarma and I only have 4 Chase accounts opened and none closed within the past 5 years and I still can't get any more Chase cards (got denied recently).  Is it safe for me to apply for Chase business card?

Chase's 5/24 rule applies to all credit cards, not just Chase cards.  If you have opened 5 new credit cards in the past 24 months from any bank (that's reported on your credit report - if it doesn't show up on your personal credit report, Chase will not see it - i.e. a lot of business cards), Chase will automatically deny you.  Even if you do not have a single Chase card, it does not matter.  They look at all of your accounts.
I see.  But if I apply for Chase business card my personal accounts don't matter, right?

Most business cards do not report to your personal credit report, so they do not impact 5/24.  I don't think Chase's do either (but don't hold me to that).  I do believe Chase will still deny you for a business card if you are over 5/24 on your personal credit report, but I could be wrong as well.  I think what he was trying to say is once you are under 5/24, open Chase business accounts first (as they won't count towards their 5/24 count).  Then open Chase personal cards.
Yes, I see that he meant open business first then personal but that's too late for me now.  Is there any negative impact in trying to apply and being denied?  Do they check my credit report when I apply for business card?

jtraggie99

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Re: Credit card churning, how to continue?
« Reply #60 on: August 08, 2019, 09:39:12 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

your best bet is to pull your credit report and count how many accounts were opened in the past 2 years.  They even list closed accounts, so you should get a full picture.  A few of the CC companies will only report to 1 or 2 of the agencies (vs all 3), so make sure you pull all 3 to get the full picture.

Going forward, I would recommend keeping a spreadsheet of which cards you opened with which bank, when it was opened, and when it was closed.  This allows me to see, at a glance, exactly where I stand.
Thanks.  I just checked kreditkarma and I only have 4 Chase accounts opened and none closed within the past 5 years and I still can't get any more Chase cards (got denied recently).  Is it safe for me to apply for Chase business card?

Chase's 5/24 rule applies to all credit cards, not just Chase cards.  If you have opened 5 new credit cards in the past 24 months from any bank (that's reported on your credit report - if it doesn't show up on your personal credit report, Chase will not see it - i.e. a lot of business cards), Chase will automatically deny you.  Even if you do not have a single Chase card, it does not matter.  They look at all of your accounts.
I see.  But if I apply for Chase business card my personal accounts don't matter, right?

Most business cards do not report to your personal credit report, so they do not impact 5/24.  I don't think Chase's do either (but don't hold me to that).  I do believe Chase will still deny you for a business card if you are over 5/24 on your personal credit report, but I could be wrong as well.  I think what he was trying to say is once you are under 5/24, open Chase business accounts first (as they won't count towards their 5/24 count).  Then open Chase personal cards.
Yes, I see that he meant open business first then personal but that's too late for me now.  Is there any negative impact in trying to apply and being denied?  Do they check my credit report when I apply for business card?

I think most banks will pull your personal credit report when applying for a business card.  If you apply for cards and are denied, there is still the inquiry that shows up on your credit report from the bank that you applied to.  Inquiries do not have a huge impact on your credit report, but having a lot can bring your score down some. 

Catica

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Re: Credit card churning, how to continue?
« Reply #61 on: August 10, 2019, 04:54:09 AM »
OK, here is a summary of the my strategy for CC churning.

Chase is best but they have their 5/24 rule. But that doesn't apply to Chase business cards ** if you get them before you have 5/24 personal **

This strategy will get you the most cards in the shortest time and allow you to repeat it much sooner.

1. Get as many Chase business cards as possible. You don't need a tax number for these - just use your SS. And use your name for the business. If you have a company name they will want to verify all sorts of shit.

2. After getting all the Chase business cards you can / want, get the juicy Chase cards - 5 of them. After 5, you will have to wait 2 years. Keep the timing so once you are near meeting the spending requirements you already have a new card on the way. Most have a three month limit on spending enough to get the bonus. In general, spending is $1000 a month for 3 months.

3. Get as many other juicy personal cards as you can. Get them as fast as you can while meeting the spending requirements. There are few AA cards with NO spending requirements. The idea here is to get as many in the shortest amount of time - so you then will all be over the 24 month rule - in 24 months or less from now.

4. Only get non-Chase business cards that are not reported on your credit report for the next 2 years or so (until you have less than 5 cards within the last 24 months left on your credit report). 

5. Once you are back to under 5/24, repeat.

In my relatives case, he spends $10K a month on cards for his business. So he applied for a new card every month after he had his 5 Chase cards. In that year he had 10 or so cards and met the spending bonus requirements.

So he had several Chase business cards, 5 personal Chase cards, and 10+ other bank cards - all in less than 2 years.

He has slowed down a bit and is getting only non-Chase business cards. He has to wait 22 months from his last personal card he received and he will be at 0/24.

He is still trying to figure out how the using the mileage and hotel points works. That is another side of churning. Anyway, he hasn't spent a dime on hotels or flights since starting churning.

** Tip: when applying just put down Sole Proprietorship rather than LLC or whatnot - even if you have an LLC. They won't ask for any paperwork. **
How do I check where I'm at with Chase in regards to 5/24 rule?  I didn't know that I should have applied for Chase business cards first before the personal cards.  Can I still do Chase business cards even though it looks like I maxed out my Chase personal cards?

your best bet is to pull your credit report and count how many accounts were opened in the past 2 years.  They even list closed accounts, so you should get a full picture.  A few of the CC companies will only report to 1 or 2 of the agencies (vs all 3), so make sure you pull all 3 to get the full picture.

Going forward, I would recommend keeping a spreadsheet of which cards you opened with which bank, when it was opened, and when it was closed.  This allows me to see, at a glance, exactly where I stand.
Thanks.  I just checked kreditkarma and I only have 4 Chase accounts opened and none closed within the past 5 years and I still can't get any more Chase cards (got denied recently).  Is it safe for me to apply for Chase business card?

Chase's 5/24 rule applies to all credit cards, not just Chase cards.  If you have opened 5 new credit cards in the past 24 months from any bank (that's reported on your credit report - if it doesn't show up on your personal credit report, Chase will not see it - i.e. a lot of business cards), Chase will automatically deny you.  Even if you do not have a single Chase card, it does not matter.  They look at all of your accounts.
I see.  But if I apply for Chase business card my personal accounts don't matter, right?

Most business cards do not report to your personal credit report, so they do not impact 5/24.  I don't think Chase's do either (but don't hold me to that).  I do believe Chase will still deny you for a business card if you are over 5/24 on your personal credit report, but I could be wrong as well.  I think what he was trying to say is once you are under 5/24, open Chase business accounts first (as they won't count towards their 5/24 count).  Then open Chase personal cards.
Yes, I see that he meant open business first then personal but that's too late for me now.  Is there any negative impact in trying to apply and being denied?  Do they check my credit report when I apply for business card?

I think most banks will pull your personal credit report when applying for a business card.  If you apply for cards and are denied, there is still the inquiry that shows up on your credit report from the bank that you applied to.  Inquiries do not have a huge impact on your credit report, but having a lot can bring your score down some.
But does the fact that I already have 5 personal cards with Chase will cause them to deny me for business card?

jtraggie99

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Re: Credit card churning, how to continue?
« Reply #62 on: August 10, 2019, 06:01:26 AM »
When were the 5 Chase cards opened?  Within the last 2 years?  Then yes, Chase will deny you for a business card (at least that is my understanding).  If you have opened 5 new cards within the past 2 years, from Chase or any other back combined, then Chase will automatically deny you if you try to open any personal or business cards.  5/24 applies to both Chase personal and business cards. 

https://www.doctorofcredit.com/chase-524-rule-explained-detail-need-know/

https://www.doctorofcredit.com/18-things-everybody-should-know-about-chase/

Catica

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Re: Credit card churning, how to continue?
« Reply #63 on: September 12, 2019, 04:06:17 PM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

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Re: Credit card churning, how to continue?
« Reply #64 on: September 12, 2019, 04:56:39 PM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

Why cancel right away?  Why not just wait for the 11th month and ask them to cancel or downgrade the card to the no annual fee card in their lineup (if they have one)?

Catica

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Re: Credit card churning, how to continue?
« Reply #65 on: September 12, 2019, 07:02:06 PM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

Why cancel right away?  Why not just wait for the 11th month and ask them to cancel or downgrade the card to the no annual fee card in their lineup (if they have one)?
Because I won't get a refund of annual fee

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Re: Credit card churning, how to continue?
« Reply #66 on: September 12, 2019, 08:58:40 PM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

Why cancel right away?  Why not just wait for the 11th month and ask them to cancel or downgrade the card to the no annual fee card in their lineup (if they have one)?
Because I won't get a refund of annual fee

Oops misread what you were asking.  My bad

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Re: Credit card churning, how to continue?
« Reply #67 on: September 12, 2019, 09:11:27 PM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

If the points make it into your Hilton Honors account, probably not.

They will possibly blacklist you from any more AMEX cards, and they definitely will not refund you the $95.

That is my general opinion based on experience, but I have no direct data to support it.

Catica

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Re: Credit card churning, how to continue?
« Reply #68 on: September 13, 2019, 03:47:37 AM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

If the points make it into your Hilton Honors account, probably not.

They will possibly blacklist you from any more AMEX cards, and they definitely will not refund you the $95.

That is my general opinion based on experience, but I have no direct data to support it.
They refunded the fee on another card I just canceled after the fee posted.  I canceled the month it posted, which was the 13th month of having the card. That card had first year fee waved though, but the Hilton Honors doesn't so the fee posted after having the card for a month.  So I wasn't sure if the same applied in this case.

MasterStache

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Re: Credit card churning, how to continue?
« Reply #69 on: September 13, 2019, 05:50:34 AM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

If the points make it into your Hilton Honors account, probably not.

They will possibly blacklist you from any more AMEX cards, and they definitely will not refund you the $95.

That is my general opinion based on experience, but I have no direct data to support it.
They refunded the fee on another card I just canceled after the fee posted.  I canceled the month it posted, which was the 13th month of having the card. That card had first year fee waved though, but the Hilton Honors doesn't so the fee posted after having the card for a month.  So I wasn't sure if the same applied in this case.

That's a bit different as you had the other card for 12+ months. Opening a card, grabbing the points and closing immediately to try and void the annual fee is definitely a good way to get yourself blacklisted. Personally I would just pay the annual fee. 

Catica

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Re: Credit card churning, how to continue?
« Reply #70 on: September 14, 2019, 04:17:30 AM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

If the points make it into your Hilton Honors account, probably not.

They will possibly blacklist you from any more AMEX cards, and they definitely will not refund you the $95.

That is my general opinion based on experience, but I have no direct data to support it.
They refunded the fee on another card I just canceled after the fee posted.  I canceled the month it posted, which was the 13th month of having the card. That card had first year fee waved though, but the Hilton Honors doesn't so the fee posted after having the card for a month.  So I wasn't sure if the same applied in this case.

That's a bit different as you had the other card for 12+ months. Opening a card, grabbing the points and closing immediately to try and void the annual fee is definitely a good way to get yourself blacklisted. Personally I would just pay the annual fee.
I will do that.  But it should be OK to cancel next year when they hit me with the fee again, right?

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Re: Credit card churning, how to continue?
« Reply #71 on: September 14, 2019, 06:58:23 AM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

If the points make it into your Hilton Honors account, probably not.

They will possibly blacklist you from any more AMEX cards, and they definitely will not refund you the $95.

That is my general opinion based on experience, but I have no direct data to support it.
They refunded the fee on another card I just canceled after the fee posted.  I canceled the month it posted, which was the 13th month of having the card. That card had first year fee waved though, but the Hilton Honors doesn't so the fee posted after having the card for a month.  So I wasn't sure if the same applied in this case.

That's a bit different as you had the other card for 12+ months. Opening a card, grabbing the points and closing immediately to try and void the annual fee is definitely a good way to get yourself blacklisted. Personally I would just pay the annual fee.
I will do that.  But it should be OK to cancel next year when they hit me with the fee again, right?

Most people try to avoid the annual fee on the second year.  There are multiple ways to do it.  Canceling is one of the that works pretty well.  Sometimes you can ask for retention offers and get it waived.  Downgrading or product changing can work.  Sometimes (rarely IMHO) it can be worth keeping and paying the fee if the ongoing benefits are worth it to you.

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Re: Credit card churning, how to continue?
« Reply #72 on: September 15, 2019, 06:25:14 PM »
I opened a Delta Amex card in June this year and already got 60K points for 2K spend. Later that month, I received another Delta Amex offer by mail: this time, 70K miles for 2K spend. I tried to apply for the second card while the first card was still open, and the application was cancelled (they didn't pull credit). Called reconsideration line and they said it was because I already had another card. They also said that if i apply for another card I may not be eligible for bonus.  So I closed the first Delta card immediately and will try to apply for a second card again using the same offer for 70K. Has anybody tried to do the same with Delta cards? There is no lifetime language in either offer btw. I hope that if i am not eligible for a bonus, they will either cancel my application again or give me a warning message that i will not receive the miles.

secondcor521

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Re: Credit card churning, how to continue?
« Reply #73 on: September 15, 2019, 06:47:57 PM »
I opened a Delta Amex card in June this year and already got 60K points for 2K spend. Later that month, I received another Delta Amex offer by mail: this time, 70K miles for 2K spend. I tried to apply for the second card while the first card was still open, and the application was cancelled (they didn't pull credit). Called reconsideration line and they said it was because I already had another card. They also said that if i apply for another card I may not be eligible for bonus.  So I closed the first Delta card immediately and will try to apply for a second card again using the same offer for 70K. Has anybody tried to do the same with Delta cards? There is no lifetime language in either offer btw. I hope that if i am not eligible for a bonus, they will either cancel my application again or give me a warning message that i will not receive the miles.

As long as the lifetime language is not there, you should get the bonus.

However, if you are not eligible for whatever reason, they will not cancel your application for that reason.  They will not give you any warning message.  They will let you spend the required amount.  And then they will not give you the bonus.

You can always ask via chat after getting the card in the mail to be sure you'll qualify before going through the spend.

Rubic

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Re: Credit card churning, how to continue?
« Reply #74 on: September 16, 2019, 02:41:59 PM »
I have Amex Hilton Honors Business card.  The bonus points for spending $3000  in the first 3 months just posted.  The card has $95 annual fee.  Does anyone know if canceling the card right immediately after the fee posted will case them to take away the points?

If the points make it into your Hilton Honors account, probably not.

They will possibly blacklist you from any more AMEX cards, and they definitely will not refund you the $95.

That is my general opinion based on experience, but I have no direct data to support it.
They refunded the fee on another card I just canceled after the fee posted.  I canceled the month it posted, which was the 13th month of having the card. That card had first year fee waved though, but the Hilton Honors doesn't so the fee posted after having the card for a month.  So I wasn't sure if the same applied in this case.

That's a bit different as you had the other card for 12+ months. Opening a card, grabbing the points and closing immediately to try and void the annual fee is definitely a good way to get yourself blacklisted. Personally I would just pay the annual fee.
I will do that.  But it should be OK to cancel next year when they hit me with the fee again, right?

Yes, cancelling next year will be no problem.  You'll be refunded your annual fee if you cancel the card within 30 days of when the fee hits.

Especially for Amex cards, it's always recommended to avoid cancelling their cards in the first 12 months.


HPstache

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Re: Credit card churning, how to continue?
« Reply #75 on: September 16, 2019, 05:06:09 PM »
So let me get this straight... because this is new information for me.  I applied for the Capitalone Savor Card this year and got their $500 cashback bonus for spending $3k in 3 months.  This card has a $95 annual fee that is waived for the first year.  My plan was to cancel in month 11.  This is a bad idea?  I should just pay the fee and cancel in the 23rd month to stay in some sort of good standing with them?

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Re: Credit card churning, how to continue?
« Reply #76 on: September 16, 2019, 06:11:54 PM »
So let me get this straight... because this is new information for me.  I applied for the Capitalone Savor Card this year and got their $500 cashback bonus for spending $3k in 3 months.  This card has a $95 annual fee that is waived for the first year.  My plan was to cancel in month 11.  This is a bad idea?  I should just pay the fee and cancel in the 23rd month to stay in some sort of good standing with them?

No, you cancel in month 13, just after the fee hits. The fee is refunded.

DadJokes

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Re: Credit card churning, how to continue?
« Reply #77 on: September 17, 2019, 09:13:51 AM »
So let me get this straight... because this is new information for me.  I applied for the Capitalone Savor Card this year and got their $500 cashback bonus for spending $3k in 3 months.  This card has a $95 annual fee that is waived for the first year.  My plan was to cancel in month 11.  This is a bad idea?  I should just pay the fee and cancel in the 23rd month to stay in some sort of good standing with them?

No, you cancel in month 13, just after the fee hits. The fee is refunded.

Or downgrade to the Savor One, which has no annual fee, rather than cancel.

MasterStache

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Re: Credit card churning, how to continue?
« Reply #78 on: September 17, 2019, 05:22:02 PM »
So let me get this straight... because this is new information for me.  I applied for the Capitalone Savor Card this year and got their $500 cashback bonus for spending $3k in 3 months.  This card has a $95 annual fee that is waived for the first year.  My plan was to cancel in month 11.  This is a bad idea?  I should just pay the fee and cancel in the 23rd month to stay in some sort of good standing with them?

I think you may be confused. The original question was about cancelling the card in the first month, right after hitting the minimum spend, and then trying to get the annual fee refunded on a card that didn't have the annual fee waived the first year.

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Re: Credit card churning, how to continue?
« Reply #79 on: October 12, 2024, 01:00:11 PM »
Did you sign up for EIN through IRS? Any downsides to doing so?

tj

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Re: Credit card churning, how to continue?
« Reply #80 on: October 14, 2024, 01:25:50 PM »
There are lots of good tricks out there.  The general method I use is to find likely sources of detailed information and then read.  A lot.  The gems are hidden in plain sight.  You just have to dig through a lot of dirt.

One source of information that I think is good is /r/churning.  I've been churning for over 12 years so I haven't read much there, but I've heard it referenced several times and have glanced over it and think it probably is a good place to read up on it.

My guess is that you're going at it too hard and too fast.  If you want to churn for a long period of time, you need to treat it like a marathon and not a sprint.  Personally, I sit down about once a year, collect all of the good offers available then, and apply for them all at once.  I then use the next several months to do the spending and collect the bonuses.  I then put it away for nine months or so and do it all over again.

This year, I was approved for ten new credit cards and am mostly done collecting bonuses and rewards worth $8,165 to me.  Last year I was approved for eight new credit cards and collected bonuses and rewards worth $5,530 to me.

Someone else randomly bumped this thread, but have you been able to duplicate the 8-10 cards pear year in the subsequent years since then?

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Re: Credit card churning, how to continue?
« Reply #81 on: October 14, 2024, 01:57:35 PM »
There are lots of good tricks out there.  The general method I use is to find likely sources of detailed information and then read.  A lot.  The gems are hidden in plain sight.  You just have to dig through a lot of dirt.

One source of information that I think is good is /r/churning.  I've been churning for over 12 years so I haven't read much there, but I've heard it referenced several times and have glanced over it and think it probably is a good place to read up on it.

My guess is that you're going at it too hard and too fast.  If you want to churn for a long period of time, you need to treat it like a marathon and not a sprint.  Personally, I sit down about once a year, collect all of the good offers available then, and apply for them all at once.  I then use the next several months to do the spending and collect the bonuses.  I then put it away for nine months or so and do it all over again.

This year, I was approved for ten new credit cards and am mostly done collecting bonuses and rewards worth $8,165 to me.  Last year I was approved for eight new credit cards and collected bonuses and rewards worth $5,530 to me.

Someone else randomly bumped this thread, but have you been able to duplicate the 8-10 cards pear year in the subsequent years since then?

Nope.  Several reasons:

1.  Lack of motivation due to lack of need.  I had only been retired about three years when I wrote that, and even though I was probably somewhere around a 2% net WR, I was still avidly working on my finances.  Maybe I was competitive with myself, maybe I enjoyed it, maybe my inner bag person was still active.  Nowadays, I've been retired over eight years, have a sub-0.50% net WR, and my net worth is up 61% since 2019.  I still can do this sort of stuff if I want to, but I have also given myself permission to not do it if it isn't fun.  Mostly it isn't fun any more.

2.  Piggybacking.  For me, piggybacking is better than credit card churning on the three dimensional scale of fun, income, and hassle factor.  For someone like me with a long credit history, a lot of cards, and a large amount of aggregate credit, churning and piggybacking are inherently somewhat incompatible - you get paid more in piggybacking if you have cards with longer history and higher limits; with churning you don't care as much about keeping cards a long time and limits don't matter as much.

3.  My history makes it difficult.  I've done a lot of credit games over the past twenty-five (!) years or so.  My credit report shows a lot of open cards, a lot of closed cards, a large amount of credit extended.  Many of the good cards are ones I've already gotten and used for the SUB or whatever and so I'm limited by the offer terms.  Or I'm limited because I already have a lot of credit with the major players and I'd rather allocate that credit to my piggybacking cards.  Yes, I could make more effort to sort through the offers and work around these things, but then items (1) and (2) above come into play - too much hassle that I don't need.

4.  Without going into too much detail because it's their financial lives and not mine, I help my Dad, my three kids, and occasionally my sisters and their families with financial items.  These items are more significant and more interesting than churning.

I do still somewhat keep track and will apply for juicy and simple card offers, especially if I can simultaneously start the clock on a card for piggybacking purposes later.  But the rate at which I do this is no longer 8-10 cards per year.  My last card I opened was a Barclays AARP card about a year ago for a $100 SUB / $500 / 90 days offer, and that card is now aging for piggybacking because my previous Barclays card had hit the piggybacking limit.  Before that, I got approved for two out of three cards and two out of six CLI requests about two years ago.  I just had five hard inquiries fall off about a month ago so I may look again when I feel like it.
« Last Edit: October 14, 2024, 02:28:05 PM by secondcor521 »

tj

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Re: Credit card churning, how to continue?
« Reply #82 on: October 14, 2024, 03:17:35 PM »
^ Ah, so it sounds like you tend to more be using your inquiries for CLI's these days?

secondcor521

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Re: Credit card churning, how to continue?
« Reply #83 on: October 14, 2024, 03:23:10 PM »
^ Ah, so it sounds like you tend to more be using your inquiries for CLI's these days?

In cases where I think the CLI will get me to the next tier in piggybacking commission, yes.  It's a better use of inquiries than new CC SUBs, which I'm probably less likely to get, require more work and hassle, and are a one-time bonus rather than an ongoing income stream.

The ideal is if I can find a SUB from an issuer that is supported by the piggybacking company I use and with whom I think I can get a good amount of CL.  More than $10K is really the minimum; more than $20K is where the piggybacking commissions are more worthwhile.  But those criteria are hard to meet.

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Re: Credit card churning, how to continue?
« Reply #84 on: October 15, 2024, 01:52:31 PM »
@tj in two player mode, doing 8-10 cards a year is pretty easy.  I've been doing that many since 2015 or so.  Doing lots of business cards helps with 5/24 status so I can still grab the good Chase bonuses.

@secondcor521 how much have you been making per year with piggybacking?  I did it for about a year back when it was originally posted around here, but stopped after the rates started dropping for my cards.

tj

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Re: Credit card churning, how to continue?
« Reply #85 on: October 15, 2024, 02:12:26 PM »
@tj in two player mode, doing 8-10 cards a year is pretty easy.  I've been doing that many since 2015 or so.  Doing lots of business cards helps with 5/24 status so I can still grab the good Chase bonuses.

@secondcor521 how much have you been making per year with piggybacking?  I did it for about a year back when it was originally posted around here, but stopped after the rates started dropping for my cards.

No 2nd player in sight. I just got approved for 2 Barclays cards actually, but I won't be below 5/24 until like August 2026. I've hit the limit with BofA, Citi is not interested in me, I'm in Amex popup jail. I've never had a denial from Chase but I'm past 5/24 at this point.

There have been reports recently of people having difficulties continually getting approved for Chase biz cards.
« Last Edit: October 15, 2024, 02:22:35 PM by tj »

secondcor521

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Re: Credit card churning, how to continue?
« Reply #86 on: October 15, 2024, 02:21:30 PM »
@secondcor521 how much have you been making per year with piggybacking?  I did it for about a year back when it was originally posted around here, but stopped after the rates started dropping for my cards.

I don't like to disclose exact amounts, but I've sold 38 slots so far this year with nine cards enrolled right now, and 2 more seasoning, so you can estimate pretty well.

Padonak

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Re: Credit card churning, how to continue?
« Reply #87 on: October 16, 2024, 09:36:22 AM »


No 2nd player in sight. I just got approved for 2 Barclays cards actually, but I won't be below 5/24 until like August 2026. I've hit the limit with BofA, Citi is not interested in me, I'm in Amex popup jail. I've never had a denial from Chase but I'm past 5/24 at this point.

There have been reports recently of people having difficulties continually getting approved for Chase biz cards.

Which barclays cards if you don't mind me asking? I'm going to apply for a new one soon age it for TL sales in the future.

Why did you get two cards? Did you apply at the same time to get one hard pull instead of two?

Padonak

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Re: Credit card churning, how to continue?
« Reply #88 on: October 16, 2024, 09:41:03 AM »
I also prioritize TL sales vs credit card sign up bonuses. Ideally, I want to get a SUB, even if it's not the highest, then age the same card for a couple of years and start using it for TLs. Those opportunities are rare so I apply separately for TL cards and SUB cards. I normally get about 4-5 SUBs per year in one player mode. Looking to increase that number and/or meet higher SUB spend requirements using bank account funding and potentially other ways like buying stuff for buyers groups etc.

Someone on Reddit mentioned recently that they run a business that doesn't make any money but they make a few thousand a month from credit card points and SUBs because they can charge all their expenses on their credit cards. They didn't go into detail but most likely it's something like drop shipping or reselling to buyers groups. It would be great to start a business like that, so if you guys have any ideas or thoughts, maybe we can discuss them

Here's the reddit thread btw:
https://www.reddit.com/r/Entrepreneur/comments/1fvz08b/my_startup_is_only_profitable_because_of_cashback/


« Last Edit: October 16, 2024, 09:48:54 AM by Padonak »

tj

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Re: Credit card churning, how to continue?
« Reply #89 on: October 16, 2024, 06:21:42 PM »


No 2nd player in sight. I just got approved for 2 Barclays cards actually, but I won't be below 5/24 until like August 2026. I've hit the limit with BofA, Citi is not interested in me, I'm in Amex popup jail. I've never had a denial from Chase but I'm past 5/24 at this point.

There have been reports recently of people having difficulties continually getting approved for Chase biz cards.

Which barclays cards if you don't mind me asking? I'm going to apply for a new one soon age it for TL sales in the future.

Why did you get two cards? Did you apply at the same time to get one hard pull instead of two?

I did the Hawaiian card and the Wyndham business card (which everyone uses for casino matches to get free cruises...)

I'm not exactly sure if it was 1 inquiry or 2, DPs were that they consolidate which is why I applied for both, but if they didn't, it doesn't matter, nobody else pulls TransUnion in my location.
« Last Edit: October 16, 2024, 07:20:12 PM by tj »

MasterStache

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Re: Credit card churning, how to continue?
« Reply #90 on: October 17, 2024, 05:17:55 AM »
@tj in two player mode, doing 8-10 cards a year is pretty easy.  I've been doing that many since 2015 or so.  Doing lots of business cards helps with 5/24 status so I can still grab the good Chase bonuses.

@secondcor521 how much have you been making per year with piggybacking?  I did it for about a year back when it was originally posted around here, but stopped after the rates started dropping for my cards.

No 2nd player in sight. I just got approved for 2 Barclays cards actually, but I won't be below 5/24 until like August 2026. I've hit the limit with BofA, Citi is not interested in me, I'm in Amex popup jail. I've never had a denial from Chase but I'm past 5/24 at this point.

There have been reports recently of people having difficulties continually getting approved for Chase biz cards.

Similar to @kpd905 doing about 8-10 cards per year in 2 player mode. Actually looking at my log I've opened 8 Biz cards and 3 personal so far this year. I make it a point to stay under 5/24 because we highly value Chase points.

I sell tradelines as well but tbh, I don't make as much as some other folks on here. They seem to rarely enroll new cards as well. So, I will occasionally open a new personal card with future TL sales in mind. But it certainly doesn't influence my decision making.

With todays high interest environment I've been leveraging several biz cards 0% APR and have that money sitting in high interest savings.

tj

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Re: Credit card churning, how to continue?
« Reply #91 on: October 31, 2024, 10:11:22 PM »
I think I actually opened more new credit cards in 2024 than 2021, 2022 and 2023 combined.

From memory:

January: Chase Ink
April: Capital One Venture
July: Capital One Venture X
October: Citi Shop Your Way
October: Barclays Hawaiian
October: Barclays Windham Earner Business

I'll probably do the US Bank Smartly at some point, although I might try to product change first since I don't think it even has a SUB.

I won't be getting a new Chase card for a while, but there are enough other enticing cards. If I ever get out of Amex popup jail, they definitely have some cards that I would want for SUB.


Also, I think I'm up to something like $18,000 in bank accounts that were charged on credit cards to meet a lot of these signup bonuses.

Padonak

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Re: Credit card churning, how to continue?
« Reply #92 on: November 01, 2024, 11:42:20 AM »
Any recommendations for a business credit credit card with a good SUB?

-Up to 5K / 3 mo spend requirement, can be more it's for 4 or 6 months
-No foreign transaction fee
-Not Chase
-Dosen't report to the bureaus as a new tradeline

I've been looking on DoC and other websites for days. Can't find anything decent. It seems like there were some good deals last summer, like USBank business cards, but they're gone.


Another question: how strict is Barclays with the 6/24 rule? Did anyone get approved for a new card with 6/24 or more? I applied for UPromise recently and was declined b/c of that rule and also having too many inquiries. I called them and they said they couldn't reconsider because the decline was based on their policy.

therethere

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Re: Credit card churning, how to continue?
« Reply #93 on: November 01, 2024, 11:57:16 AM »
I've done both the US Bank Triple Cash and Leverage. It's slightly higher than 5k spend but the timing is longer. I still see signup bonuses available: https://www.usbank.com/business-banking/business-credit-cards.html

tj

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Re: Credit card churning, how to continue?
« Reply #94 on: November 01, 2024, 05:34:12 PM »
Any recommendations for a business credit credit card with a good SUB?

-Up to 5K / 3 mo spend requirement, can be more it's for 4 or 6 months
-No foreign transaction fee
-Not Chase
-Dosen't report to the bureaus as a new tradeline

I've been looking on DoC and other websites for days. Can't find anything decent. It seems like there were some good deals last summer, like USBank business cards, but they're gone.


Another question: how strict is Barclays with the 6/24 rule? Did anyone get approved for a new card with 6/24 or more? I applied for UPromise recently and was declined b/c of that rule and also having too many inquiries. I called them and they said they couldn't reconsider because the decline was based on their policy.

A lot of the non-biz Chase cards have minimum spend that is too rich for my blood.

The Wyndham Business card is cool for the casino status matches to get some heavily discounted cruises, if that' snot your jam, probably no need for that card.


MasterStache

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Re: Credit card churning, how to continue?
« Reply #95 on: November 02, 2024, 09:08:36 AM »
Any recommendations for a business credit credit card with a good SUB?

-Up to 5K / 3 mo spend requirement, can be more it's for 4 or 6 months
-No foreign transaction fee
-Not Chase
-Dosen't report to the bureaus as a new tradeline

I've been looking on DoC and other websites for days. Can't find anything decent. It seems like there were some good deals last summer, like USBank business cards, but they're gone.


Another question: how strict is Barclays with the 6/24 rule? Did anyone get approved for a new card with 6/24 or more? I applied for UPromise recently and was declined b/c of that rule and also having too many inquiries. I called them and they said they couldn't reconsider because the decline was based on their policy.

@Padonak I second the US Bank Triple Cash Back Biz card. $750 bonus with a 0% APR for 12 months. Also if you use this link you only need $6K spend in 180 days.

The link @therethere posted requires $7500 spend in 120 days for same bonus.

tj

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Re: Credit card churning, how to continue?
« Reply #96 on: November 02, 2024, 09:20:50 AM »
The Wells Fargo biz card has a solid SUB also:

https://creditcards.wellsfargo.com/business-credit-cards/

MasterStache

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Re: Credit card churning, how to continue?
« Reply #97 on: November 02, 2024, 09:26:52 AM »
The Wells Fargo biz card has a solid SUB also:

https://creditcards.wellsfargo.com/business-credit-cards/

Ha, I was just approved for that one a couple weeks ago. That gave me a nice juicy 50K credit line. I have no idea why. 
« Last Edit: November 02, 2024, 04:08:04 PM by MasterStache »

sonofsven

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Re: Credit card churning, how to continue?
« Reply #98 on: November 02, 2024, 09:48:54 AM »
Any recommendations for a business credit credit card with a good SUB?

-Up to 5K / 3 mo spend requirement, can be more it's for 4 or 6 months
-No foreign transaction fee
-Not Chase
-Dosen't report to the bureaus as a new tradeline

I've been looking on DoC and other websites for days. Can't find anything decent. It seems like there were some good deals last summer, like USBank business cards, but they're gone.


Another question: how strict is Barclays with the 6/24 rule? Did anyone get approved for a new card with 6/24 or more? I applied for UPromise recently and was declined b/c of that rule and also having too many inquiries. I called them and they said they couldn't reconsider because the decline was based on their policy.

https://www.doctorofcredit.com/bank-of-america-launches-business-advantage-unlimited-cash-rewards-up-to-500-bonus/#comment-1942686

The $500 link on this DOC post still works, I just got approved for this card.
$500 sub on $5k spend.

Padonak

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Re: Credit card churning, how to continue?
« Reply #99 on: November 02, 2024, 10:12:24 AM »
Any recommendations for a business credit credit card with a good SUB?

-Up to 5K / 3 mo spend requirement, can be more it's for 4 or 6 months
-No foreign transaction fee
-Not Chase
-Dosen't report to the bureaus as a new tradeline

I've been looking on DoC and other websites for days. Can't find anything decent. It seems like there were some good deals last summer, like USBank business cards, but they're gone.


Another question: how strict is Barclays with the 6/24 rule? Did anyone get approved for a new card with 6/24 or more? I applied for UPromise recently and was declined b/c of that rule and also having too many inquiries. I called them and they said they couldn't reconsider because the decline was based on their policy.

https://www.doctorofcredit.com/bank-of-america-launches-business-advantage-unlimited-cash-rewards-up-to-500-bonus/#comment-1942686

The $500 link on this DOC post still works, I just got approved for this card.
$500 sub on $5k spend.

This card has a 3% foreign transaction fee unfortunately.